XML 34 R24.htm IDEA: XBRL DOCUMENT v3.19.2
INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Classified as Current and Long-Term
Investment securities classified as current and long-term were as follows at June 30, 2019 and December 31, 2018, respectively:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(in millions)
June 30, 2019
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
$
370

 
$
2

 
$
—

 
$
372

Mortgage-backed securities
3,459

 
69

 
(8
)
 
3,520

Tax-exempt municipal securities
1,632

 
28

 
(1
)
 
1,659

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
1

 
—

 
—

 
1

Commercial
621

 
17

 
—

 
638

Asset-backed securities
1,037

 
2

 
(3
)
 
1,036

Corporate debt securities
3,125

 
56

 
(5
)
 
3,176

Total debt securities
$
10,245

 
$
174

 
$
(17
)
 
$
10,402

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government
corporations and agencies:
 
 
 
 
 
 
 
U.S. Treasury and agency obligations
$
419

 
$
1

 
$
(3
)
 
$
417

Mortgage-backed securities
2,595

 
3

 
(54
)
 
2,544

Tax-exempt municipal securities
2,805

 
3

 
(37
)
 
2,771

Mortgage-backed securities:
 
 
 
 
 
 
 
Residential
55

 
—

 
—

 
55

Commercial
537

 
—

 
(14
)
 
523

Asset-backed securities
991

 
1

 
(7
)
 
985

Corporate debt securities
3,239

 
1

 
(98
)
 
3,142

Total debt securities
$
10,641

 
$
9

 
$
(213
)
 
$
10,437
Schedule of Gross Unrealized Losses and Fair Value of Securities
Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at June 30, 2019 and December 31, 2018, respectively:
 
Less than 12 months
 
12 months or more
 
Total
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
(in millions)
June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S.
government corporations
and agencies:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
obligations
$
34

 
$
—

 
$
71

 
$
—

 
$
105

 
$
—

Mortgage-backed
securities
38

 
—

 
546

 
(8
)
 
584

 
(8
)
Tax-exempt municipal
securities
—

 
—

 
294

 
(1
)
 
294

 
(1
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Residential
—

 
—

 
1

 
—

 
1

 
—

Commercial
—

 
—

 
70

 
—

 
70

 
—

Asset-backed securities
308

 
(1
)
 
452

 
(2
)
 
760

 
(3
)
Corporate debt securities
9

 
(1
)
 
552

 
(4
)
 
561

 
(5
)
Total debt securities
$
389

 
$
(2
)
 
$
1,986

 
$
(15
)
 
$
2,375

 
$
(17
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S.
government corporations
and agencies:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agency
obligations
$
179

 
$
(1
)
 
$
153

 
$
(2
)
 
$
332

 
$
(3
)
Mortgage-backed
securities
956

 
(16
)
 
1,019

 
(38
)
 
1,975

 
(54
)
Tax-exempt municipal
securities
809

 
(9
)
 
1,648

 
(28
)
 
2,457

 
(37
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Residential
—

 
—

 
15

 
—

 
15

 
—

Commercial
372

 
(8
)
 
133

 
(6
)
 
505

 
(14
)
Asset-backed securities
824

 
(7
)
 
40

 
—

 
864

 
(7
)
Corporate debt securities
1,434

 
(35
)
 
1,439

 
(63
)
 
2,873

 
(98
)
Total debt securities
$
4,574

 
$
(76
)
 
$
4,447

 
$
(137
)
 
$
9,021

 
$
(213
)
Schedule of Realized Gains (Losses) Related to Investment Securities Included Within Investment Income
The detail of realized gains (losses) related to investment securities and included within investment income was as follows for the three and six months ended June 30, 2019 and 2018:
 
Three months ended
June 30,
Six months ended
June 30,
 
2019
 
2018
2019
 
2018
 
(in millions)
Gross realized gains
$
8

 
$
63

$
18

 
$
94

Gross realized losses
(1
)
 
(10
)
(13
)
 
(12
)
Net realized capital (losses) gains
$
7

 
$
53

$
5


$
82
Schedule of Contractual Maturity of Debt Securities Available for Sale
The contractual maturities of debt securities available for sale at June 30, 2019, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Amortized
Cost
 
Fair
Value
 
(in millions)
Due within one year
$
628

 
$
628

Due after one year through five years
2,332

 
2,357

Due after five years through ten years
1,694

 
1,734

Due after ten years
473

 
488

Mortgage and asset-backed securities
5,118

 
5,195

Total debt securities
$
10,245

 
$
10,402